Phonepe, a Bengaluru, India-based provider of fintech payment platforms, has raised an additional $100 million in funding, valuing the company at $12 billion.
Phonepe, a fintech business, announced on Tuesday that it had secured additional $100 million (approximately Rs 828 crore) in primary capital from new investors Ribbit Capital and TVS Capital Funds, at a pre-money valuation of $12 billion, including participation from current investor Tiger Global.
This follows the company’s $350 million main financing from General Atlantic on January 19.
Over the next few years, PhonePe intends to use these funds to expand its payments and insurance operations in India, as well as to establish and rapidly build new companies like as lending, stockbroking, ONDC-based retail, and account aggregators.
Ribbit Capital Founder MickyMalka stated that PhonePe’s ideals align with Ribbit’s.
Scott Shleifer, Partner at Tiger Global, stated that the company is delighted to continue its cooperation with PhonePe as they lead the digital payments market in India, which is still in its early stages with great growth potential ahead.
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